Top 10 Life Insurance providers in the Philippines
Life Insurance is a contract made with insurance companies which includes the company to pay an amount which is usually known as a death benefit, after the death of the insured. Why life insurance is important? It provides money to the family when it is required, covering a wide range of benefits, to help in paying off debts, funds for education and many more. It is important to select and put your trust in the best life insurance provider which can stand their ground in fulfilling their promises. Below is the list of the top 10 Life Insurance Companies in Philippines:
1. Philippine American Life & Gen. Ins. Co. (life unit).
Philippine American Life & General Life Insurance Company (life unit) or Philam Life was established in 1947. It was founded by Cornelius Vander Starr and Earl Carrol. It has spread out its roots and brought out its subsidiaries which are the BPI – Philam Life Assurance Corporation that is successful in making its way to the top 10 list of life insurance providers and the Philam Asset Management, Inc. (PAMI). Philam Life is considered to be the no. 1 insurance company in Philippines in only about two years. In 2018, it went down to the 6th place but it managed to go back up in the recent year. It managed to put its name atleast within the top 7 in each category.
Insurance/ products/ services they offer:
Future protect, health and medical insurance, education, savings (for the ones who want to achieve their dream goal by choosing the right saving plans), Investment (for growing out your wealth further). As for business purposes, the type of insurance available is group life, credit life, group accident, group medical.
2. Sun Life of Canada (Philippines), Inc.
Sun Life of Canada (Philippines) Inc. is the oldest and the first Life Insurance Company in Philippines. During the World War II period, it slowed down its business but after the war it came back to the race. It was established in 1895 and it was founded through the British Company named H.J Andrews and Co. It is one of the most trustable companies as it manages to satisfy their clients with providing a wide range of financial products. It ranks no. 1 in premium income, net income and NBAPE. This company remains in the list of top ranking Life Insurance providers from a very long period of time.
Insurance/ products/ services they offer:
Dental Insurance, Disability Insurance, Financial planning and advice, Financial services, Education, estate preservation, preparing for life milestones, income continuation, retirement, Group Life, Partnerships.
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3. Pru Life Insurance corp. of UK.
Compared to other companies, it is one of the newest companies but it managed to win its spot in the top ranking insurance companies. It was found in the year 1996 and got its hands on AllState Life Philippines and ING Life Philippines in 2001 and 2002 respectively. Pru Life Insurance Corporation of UK ranks no. 7 in assets and net income and no. 4 in premium income and paid-up capital. It is remarkable that in a few years, it is successful to remain in the list with the other companies which are the oldest providers.
Insurance/ products/ services they offer:
Protection (for finances and other important things), Education, Medium- to long- term savings, Retirement, PRULink Funds [these funds are managed by Eastspring Investments (Singapore) Limited].
4. Philippine AXA Life Insurance, Corp.
Due to its bancassurance business, it is successful in making its name in the industry within a short period of time. Established in 1999, it somehow overtook Sun Life of Canada. It is considered to be the no. 1 insurance company in the world. Its partnership with MetroBank Group helps with its growth. This company sets an example in the industry on how a company grows and develops in such a short time. It currently ranks no. 3 in both NBAPE and on premium income and no. 4 on net income and assets. Customers prefer this company because of its ability to fulfill its promises.
Insurance/ products/ services they offer:
Educational plans, Income Protection, Savings and Investment, Health coverage, Personal Insurance.
5. Manulife Philippines.
Manufacturers Life Insurance Company (Philippines), Inc. or Manulife was successfully established in 1907 though it sold out its policy in 1901. In the recent years, it partnered up with China Banking Corporation which further created a bancassurance firm Manulife China Bank Life Assurance Corporation. It is also one of the oldest companies in the life insurance industry. Manulife ranks no. 4 in net worth, premium income and NBAPE.
Insurance/ products/ services they offer:
Educational plans for those wanting to secure their children’s future, Retirement plans for people wanting to live their life to the fullest after retirement, Health Insurance for covering up medical bills even for critical illness.
6. BDO Life Assurance Co. Inc.
BDO Life Assurance was officially established in 1999. Generali Pilipinas Holdings Company Inc. partnered up with BDO Unibank and was later renamed as BDO Life Assurance Co. Inc. It ranks no. 7 in net income and paid up capital, no. 8 in asset and no. 6 in NBAPE. This company also belongs to newest list of companies to grow out its business within a short period of time.
Insurance/ products/ services they offer:
Protection plans, Education plans for securing children’s future, Savings and Retirement plans to fulfill life goals even after retirement, Group Insurance.
7. BPI – Philam Life Assurance Corp., Inc.
BPI – Philam Life Assurance Corp., Inc. was established in the year 1933. Previously, it was known as Ayala Life Assurance Incorporated. This company is the outcome of the partnership established between the Philippine American Life and General Insurance and the Bank of Philippine Islands. It made its way to the top ranking list as it ranks no. 6 in net income, no. 8 in net worth, no. 5 in assets and no. 10 in paid up capital. It is considered to be Philippine’s top bancassurance.
Insurance/ products/ services they offer:
Protection, Health and medical Insurance, Savings for the future, Insurance with Investment, BPI- Direct, Wellness Series, Partnership Insurance are all the types of insurance/ products and services provided by the company.
8. FWD Life Insurance Corporation
FWD Life Insurance Corporation also known as FWD Life was established in 2014 in Philippines. It ranks no. 3 in paid up capital, no. 9 in premium income, no. 8 in NBAPE and no. 11 and 12 in net worth and net income respectively. Though it is also one of the newest companies in the Life Insurance industry, it still did a pretty remarkable job in bringing its name in the ranking list of each category.
Insurance/ products/ services they offer:
Life Insurance regarding Terrorism Insurance and Term Life Insurance and as for Health Insurance, they provide two types – Critical illness insurance and cancer insurance.
9. Insular Life Assurance Company, Ltd.
The Insular Life Assurance Company was officially established in the way back over a century in the year 1910, and around that time it was the first ever company to be owned by Filipinos. The ranking it carries is no. 2 in terms of net worth, no. 5 in net income, no. 10 in both NBAPE and paid up capital and no. 3 in assets. This company is a mutual company and it was successful in getting its hands on Filipinas Life Assurance Company in 1943.
Insurance/ products/ services they offer:
Savings for child’s education, Retirement plans, Savings for achieving financial goals, protection – health and medical insurance, Investments, Group Insurance.
10. Allianz PNB Life Insurance, Inc.
Alliance SE is considered to be the parent organisation of the Allianz PNB Life Insurance, Inc. and it was officially established in the year 2001. It is one of the major Life Insurance providers in the Philippines and one of the fastest growing companies in Philippines in terms of premium income. They partnered up with PNB Savings Bank which helped its growth in the field of bancassurance. Its main headquarters is situated in Makati City. This company was in the 9th place on the ranking list but it came down to 10.
Insurance/ products/ services they offer:
Protection plans, Health and Medical insurance, Education, Retirement plans, estate planning.
The most important task for the client is to choose their life insurance provider according to their convenience who they think will be able to satisfy their needs and fulfill their promises.
